I have just over seventy years remaining on my lease and require a lease extension for my flat in Suffolk. Conveyancing solicitors on the Tesco Bank panel can deal with such extensions right?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2018 the requirements read as follows :
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial site in Suffolk?
Many commercial conveyancing solicitors in Suffolk will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Suffolk. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Suffolk.
For each commercial conveyancing transaction in Suffolk it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately may result in delays to Suffolk commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Suffolk.
I am four weeks into a freehold purchase having been directed to conveyancers by the local agent to carry out the conveyancing in Suffolk. I am not happy. Could you help me find new lawyers?
They would have to be really poor in order to consider changing them. Has your mortgage offer been generated? If so you must advise them of the replacement solicitor and get the offer are re-sent. Your new conveyancer needs to be on the banks approved list to avoid escalating fees and complications. So that should be your starting point. The find a solicitor tool will help you find a lender approved solicitor for your home move in Suffolk
Can you provide any top tips for leasehold conveyancing in Suffolk with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Suffolk can be bypassed if you get in touch lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information needed by the buyers’ lawyers. If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved. Some Suffolk leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Suffolk state that internal structural changes or laying down wooden flooring calls for a licence issued by the Landlord acquiescing to such alterations. Should you dont have the paperwork to hand do not contact the landlord without contacting your solicitor in advance. If you hold a share in a the Management Company, you should make sure that you have the original share certificate. Arranging a duplicate share certificate is often a lengthy process and delays many a Suffolk home move. Where a new share is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
I own a studio flat in Suffolk, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Similar properties in Suffolk with an extended lease are worth £206,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2084
With only 66 years unexpired the likely cost is going to be between £12,400 and £14,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My wife and I have chosen a Suffolk conveyancing solicitor for our house purchase (novice purchasers) and have spotted in the terms and conditions that they are not regulated by the FCA. Need I be worried or is that standard with lawyer?
We can't see why they should be. Most lawyer don't lend money. You should check that they are regulated by the SRA, who set strict obligations covering monies sitting on client account.